The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Whiston may extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Whiston lease extension. Shelving the costs today simply escalates the price you will ultimately have to pay for a lease extension.
Leasehold residencies in Whiston with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Whiston can be a difficult process. We recommend you secure guidance from a lawyer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Whiston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy correspondence with the freeholder of her leasehold apartment in Whiston, Erin started the lease extension process as the eighty year threshold was rapidly nearing. The legal work was finalised in November 2008. The landlord’s charges were negotiated to below 450 GBP.
In 2010 we were contacted by Mr and Mrs. L Mitchell who, having acquired a basement flat in Whiston in October 2006. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Similar homes in Whiston with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease elapsed on 11 March 2091. Taking into account 68 years as a residual term we estimated the premium to the landlord for the lease extension to be within £10,500 and £12,000 plus fees.
In 2012 we were e-mailed by Mrs Jade White who, having took over the lease of a one bedroom flat in Whiston in November 1996. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Similar residencies in Whiston with a long lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced monthly. The lease lapsed in 2102. Taking into account 79 years left we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including professional charges.